Overview
Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; … For more content click the Read More button below.
Offerings
S1-01-CAULFIELD-ON-CAMPUS
S1-FF-CAULFIELD-FLEXIBLE
S2-01-CAULFIELD-ON-CAMPUS
TRI-A-29-CITY-ON-CAMPUS
TRI-B-29-CITY-ON-CAMPUS
TRI-C-29-CITY-ON-CAMPUS
Requisites
Prohibition
Contacts
Chief Examiner(s)
Professor Mark Crosby
Dr Wayne Geerling
Notes
IMPORTANT NOTICE:
Scheduled teaching activities and/or workload information are subject to change in response to COVID-19, please check your Unit timetable and Unit Moodle site for more details.
Learning outcomes
On successful completion of this unit, you should be able to:
1.
understand the economic behaviour of individual consumers and producers
2.
understand concepts relating to the cost of production in both the short and long run
3.
explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes
4.
describe the virtues and shortcomings of free markets and how the regulatory and political environments impact on business
5.
understand how economic policies can be used to overcome market failure.
Teaching approach
Active learning
Assessment
1 - Within semester assessment
2 - Examination
Scheduled and non-scheduled teaching activities
Lectures
Tutorials
Workshops
Workload requirements
Workload
Learning resources
Required resources